UPDATE: Canaccord Genuity Upgrades Rubicon Technology to Buy on Sapphire Demand Increase

In a report published Monday, Canaccord Genuity analyst Jonathan Dorsheimer upgraded the rating on Rubicon Technology

from Hold to Buy, and raised the price target from $5.00 to $10.00. In the report, Dorsheimer noted, “We are upgrading the LED group following our recent supply chain tour of Asia. Specifically for RBCN, we believe that the sapphire market will tighten somewhat into 2014 and that shares are washed out at only 0.5x tangible book value. Our Asian supply chain tour identified a recent increase in demand (March) for sapphire, which we see continuing through 2014. While one month does not make a trend, our analysis suggests a bottom and stabilization for the industry.” Rubicon Technology closed on Friday at $5.95.